Fiscal court holds first reading of amended Castle & Key revenue bond ordinance

The Woodford County fiscal court opened a first reading of Ordinance 2026‑03, a revised ordinance authorizing the issuance of a series of revolving industrial building revenue bonds (not general obligations of the county) to finance the Castle & Key Distillery project.

County Attorney (addressed in the meeting) told the court the ordinance had a substantive change: a 40‑year term referenced previously had been reduced to a 20‑year termination right, which the county attorney said was material and therefore required a formal first reading. The ordinance was read in summary; it authorizes bonds having an aggregate revolving principal amount not to exceed $90,000,000, approves related lease and bond purchase agreements, and references a payment‑in‑lieu‑of‑taxes (PILOT) arrangement in its provisions.

The court moved and voted to have the ordinance's first reading and to schedule a second reading at the June meeting. The county attorney explained the ordinance sections (determinations and findings; authorization of bonds; bond lease agreements; mandatory redemption and issuer termination rights after 20 years; assignment provisions; PILOT agreement; and other standard bond‑transaction sections). He also noted the bonds are not general debt of the issuer and identified administrative steps (notice to state and local debt officers and advertising requirements) required between readings.

The first reading was procedural and does not by itself authorize bond issuance. The court instructed staff to advertise the ordinance for second reading and to proceed with required notices. If the court votes to adopt at second reading, further documents and approvals described in the ordinance summary would follow: lease and bond sale documentation, PILOT terms and any related agreements.